Industries Qatar Q.P.S.C., through its subsidiaries, operates in the petrochemical, fertilizer, and steel businesses in Qatar. The stock trades as (QSE: IQCD.QA). The company carries a market capitalisation of roughly 71.8 billion QAR and sits in the Basic Materials sector. For Muslim investors asking “is Industries Qatar halal?” or “is IQCD.QA halal?”, the answer comes from testing the company against established Shariah screening rules. Here are the workings.
What We Screen For
Our screen applies two layers. First, a business activity test: companies whose core operations are impermissible (conventional banking and insurance, alcohol, gambling, tobacco, weapons, adult entertainment) fail outright. Second, four financial ratio tests built on widely adopted AAOIFI-style thresholds:
- Debt screen: interest-bearing debt must stay below 33% of market capitalisation.
- Liquidity screen: cash plus interest-bearing securities must stay below 33% of market capitalisation.
- Receivables screen: accounts receivable must stay below 49% of total assets.
- Revenue screen: non-permissible revenue must stay below 5% of total revenue.
The Numbers
| Screening Test | IQCD.QA Figure | Limit | Status |
|---|---|---|---|
| Business activity | Core operations reviewed | No prohibited core activity | ✓ Pass |
| Interest-bearing debt to market capitalisation | 0.94% | Below 33% | ✓ Pass |
| Cash and interest-bearing securities | 8.65% | Below 33% | ✓ Pass |
| Accounts receivable to total assets | 3.04% | Below 49% | ✓ Pass |
| Non-permissible revenue share | 2.21% | Below 5% | ✓ Pass |
| Overall verdict | PASS | Ethical score 70.0/100 | ✓ Pass |
Detailed Assessment
Industries Qatar clears the business activity test: No prohibited business activity identified.
Interest-bearing debt stands at 0.94% of market capitalisation, comfortably below the 33% limit. A clean reading on the most-watched screen.
Cash and interest-bearing securities sit at 8.65% against the 33% limit, and accounts receivable at 3.04% against the 49% limit. Together these confirm the asset base is productive rather than a wrapper around cash and paper claims.
Non-permissible revenue is measured at 2.21% of total revenue against the 5% ceiling, a small residual (typically interest earned on cash balances) that purification is designed to address.
Key Considerations
A quantitative PASS is not a blanket endorsement. Some scholars apply additional qualitative overlays, and ratios move with every reporting period; a company near a threshold can cross it on the next filing. Where a small share of revenue is non-permissible, most methodologies require purification of the corresponding portion of any dividend received.
Screening data reflects filings available as of 2026-06-14.
Quick Answers
Is Industries Qatar stock halal?
Under our screen, Industries Qatar (IQCD.QA) receives a PASS verdict as of July 2026. It passes the business activity test and all four financial ratio screens.
What ratios does IQCD.QA need to pass?
Interest-bearing debt below 33% of market capitalisation, cash and interest-bearing securities below 33%, receivables below 49% of assets, and non-permissible revenue below 5% of total revenue, after a business activity test.
Further Research
View the full Industries Qatar profile, including quantitative scores and technical analysis, on our IQCD.QA ticker page.
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